Global Smart Medical Devices Market is valued at approximately USD 80.63 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 7.5% over the forecast period 2022-2029. Smart medical devices are electronic devices that keep track of a patient's physical examination, effectively collecting data, and transmitting it to a care provider or doctor via the internet. The internet of things and artificial intelligence have contributed to the development of attractive features in the new smart medical devices that allow them to notify patients about symptoms and provide customized and precise treatment. The reminders for treatment appointments, medication renewals, and other health-related activities have enhanced the quality of treatment. The key factors driving the market growth are growing demand for smartphone-compatible and wireless medical devices, growing importance of real-time data driven approaches for diagnostics and treatment, and rising internet penetration rate and adoption of big data.

According to ITU, in 2022, the ITU estimates that 5.3 billion people, or 66% of the world's population, will be using the Internet. This represents a 24% growth from 2019 with an expected 1.1 billion individuals using the internet during that period. Also, rising prevalence of diabetes, asthma and other diseases would create lucrative opportunities for the market during forecasted period. However, the high cost of devices and patients' privacy concerns stifle market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Smart Medical Devices Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the rising technological advancements, the early adoption of advanced medical devices and presence of key market players in the region. Asia Pacific is expected to grow with the highest growth rate during the forecast period, owing to factors such as growing population, improvement in living standards due to rising disposable income, and demand for new technologically advanced products that would create lucrative growth prospects for the global Smart Medical Devices Market across the Asia Pacific region.

Major market players included in this report are:

Johnson & Johnson Private Limited (U.S.)

Abbott (U.S.)

Apple Inc. (U.S.)

Medtronic (Ireland)

F. Hoffman-La Roche Ltd. (U.S.)

Fitbit, Inc. (U.S.)

Dexcom Inc. (U.S.)

NeuroMetrix, Inc. (U.S.)

CeQur Simplicity (Switzerland)

Huawei Devices Co., Ltd. (China)

Recent Developments in the Market:

In 2020, the world's first electro-thermal activity sensor on a smartwatch, Fitbit Sense, made accessible, according to Fitbit, Inc. It features cutting-edge heart rate tracking technology and will help users manage stress. The most advanced smartwatch for health is Fitbit Sense. This will help the company in the coming years to generate more revenue.
In 2020, NeuroMetrix, Inc. announced the launch of the Quell App for the Apple Watch for pain management. New pain-relieving features and high-level integration will be made possible. The user will find it easier to use the device and monitor wrist pain relief as a result. This will boost consumer demand and support business growth.
Global Smart Medical Devices Market Report Scope:

Historical Data: 2019-2020-2021

Base Year for Estimation: 2021

Forecast period: 2022-2029

Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends

Segments Covered: Product, Distribution Channel, End-User, Region

Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World

Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:

Diagnostic & Monitoring

Therapeutic Devices

By Distribution Channel:

Pharmacies

Online channel

Others

By End User:

Hospitals

Clinics

Homecare

Others

By Region:

North America

U.S.

Canada

Europe

UK

Germany

France

Spain

Italy

ROE

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Latin America

Brazil

Mexico

ROLA

Rest of the World